Pakistan Textile exports in January 2024 reached $1.46 billion
Pakistan Textile exports in January 2024 reached $1.46 billion, up by 3.97% from December 2023’s $1.399 billion. This is a positive trend for the second month in a row, but falls short of industry hopes. Despite a yearly increase of 10.10% from January 2023, the sector saw a 2.99% decline in the first seven months of fiscal year 2023-24, dropping from $10.04 billion to $9.72 billion compared to the previous fiscal year.
Analyzing half-year data, raw cotton exports fell by 82.89% in January 2024 to $2.34 million, cotton yarn exports dropped by 14.65% to $81.29 million, and cotton cloth exports rose by 11.23% to $159.72 million.
Read: UK Clothing Retail Hit by Recession as Consumer Confidence Wanes
Knitwear exports slightly declined by 0.46% to $365.05 million, while bedwear exports grew by 11.37% to $252.08 million, and towel exports increased by 9.68% to $96.07 million. Readymade garments posted a significant growth of 11.69% to $333.41 million.
Despite hopes for a sector recovery, challenges like high energy tariffs persist. The recent general elections in Pakistan raised expectations for economic improvements, but concerns emerged due to a split mandate and protests alleging poll rigging.
Moreover, the recent gas price hike from Rs2400/MMBTU to Rs2950/MMBTU threatens the competitiveness of Pakistan’s textile sector, potentially leading to decreased export figures in the coming months.
Source: The Express Tribune
Also Read: Production Efficiency: Effective Techniques for Sequencing and Prioritizing Orders 4.0